Yantai Chamber keen to initiate JVs with Pakistan

LAHORE - A four-member Chinese delegation from YantaiChamber of Commerce on Thursday showed its keen interest in initiating Joint Ventures with Pakistani counterparts in different sectors of the economy.The delegation comprising Vice Presidents of YantaiChamber of Commerce Yu Li, Wang Fenghua, Xiao Xingku and Secretary General Wang Han spoke at length on various areas of their interest. LCCI President Farooq Iftikhar presented address of welcome and gave an overview of the available investment opportunities in and around Lahore.LCCI Vice President Mian Abuzar Shad, former Senior Vice President Engineer Sohail Lashari, former Vice President Saeeda Nazar, Executive Committee Members Tanvir Ahmad Sufi and Nabila Intisar also spoke on the occasion.The Chinese delegation members were ready to join hands with Pakistani counterparts in the sectors including Mining, Infrastructure Development, Construction, Environmental Protection including water treatment projects, Dairy, Chemicals (Glue) and cold storage establishment.The Vice President of YantaiChamber of Commerce Yu Li said that the Chinese business community values Pakistan highly therefore they were always ready to put their money in new ventures in Pakistan . He said that both China and Pakistan are resourceful countries but the level of bilateral economic relations do match with the warmth of their ties therefore the private sectors in the two countries need to come forward to further strengthen these relations.He said that more Chinese business delegations would soon be visiting Pakistan to evaluate business opportunities available here. Speaking on the occasion, the LCCI President Farooq Iftikhar informed the delegation about the establishment of LCCI Mediation Centre and offered them to use the facility in case of the need. He said that since the Mediation Centre had been established with the cooperation of IFC, a private arm of the World Bank, therefore it also has the backing of international community.The LCCI President said that Autoparts Industry, Dairy, Mining, Fruits and Vegetable processing, Pharmaceutical sector and textiles are the areas where huge opportunities are available for potential Chinese investors. He said that Chinese investment in the solar energy sector and power projects hold significance importance in the driving of the Pak economy. The automobile industry in Pakistan has huge potential to grow and benefit the rising auto industry in Pakistan . Light engineering such as manufacturing of machine engines and pumps can be carried out in Pakistan . With appropriate technical incentives provided by China, this market can flourish. Livestock in Pakistan can be a major source of import for China since Pakistan has a very strong livestock base and is the 4th largest producer of milk in the world.